https://www.taxtmi.com/caselaws?id=28582 Ownership in substance, rather than motor vehicle registration, determined entitlement to depreciation under section 32(1): where the agency agreement vested replacement buses in the assessee-firm, it was treated as the owner and allowed depreciation. Lump sum amounts received from sub-lessees for allowing exploitation of the buses were characterised by their substance as consideration for parting with a capital asset, not as advance hire charges, and were therefore capital receipts. The operative distinction turned on contractual ownership and the capital or revenue nature of the receipts, both resolved in favour of the assessee. en-us Tue, 07 Sep 1982 00:00:00 +0530 Tue, 23 Feb 2010 18:08:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28582 Ownership in substance, rather than motor vehicle registration, determined entitlement to depreciation under section 32(1): where the agency agreement vested replacement buses in the assessee-firm, it was treated as the owner and allowed depreciation. Lump sum amounts received from sub-lessees for allowing exploitation of the buses were characterised by their substance as consideration for parting with a capital asset, not as advance hire charges, and were therefore capital receipts. The operative distinction turned on contractual ownership and the capital or revenue nature of the receipts, both resolved in favour of the assessee. Case-Laws Income Tax Tue, 07 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28582